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As of pointed out elsewhere, this ruling will put downward pressure (to say the least) on commissions and change how much that fee costs. Sellers largely will not pay for a buyer's agent anymore. And buyers likely won't be paying 3% commissions because they won't want to and many can't afford to.
Basically some people sued the National Association of Realtors (NAR) and argued that this system is anti-competitive. Essentially realtors are price fixing commissions at 6% and not allowing for negotiation. The system also pretty much required the seller to pay the commission of the buyer’s agent…which in any other industry would just be ...
18 Αυγ 2024 · Pittsboro, NC – On August 17th, 2024, a landmark settlement from a federal lawsuit reshaped the real estate industry, fundamentally altering how commissions are handled in property transactions. The National Association of Realtors (NAR) has agreed to major changes that will impact buyers, sellers, and agents alike, creating a new landscape ...
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16 Αυγ 2024 · Big changes could come to home buying this weekend. They stem from a lawsuit that accused real estate agents of price fixing to keep their commissions high.
30 Ιουλ 2024 · Starting August 17, listing agents can no longer advertise commissioner’s fees or how much the seller is willing to pay the buyer’s real estate agency when they sell the house. That led many to question if buyers would have to pay their realtor’s commission moving forward.
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